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CSG Partners Advises Hamilton-Ryker on Sale to ESOP
New York, NY - April 23rd, 2012: CSG Partners, LLC announced that it advised The Hamilton-Ryker Group, Inc. on its recent sale to an Employee Stock Ownership Plan (ESOP). Hamilton-Ryker is now owned 100% by its employees.
Founded over 40 years ago, Hamilton-Ryker offers contract temporary, contract to hire, and outsourcing services in the light industrial and office professional staffing segments. Headquartered in Martin, Tennessee, the Company operates two corporate offices and seventeen field offices throughout Tennessee, Kentucky, Mississippi, and Arkansas. IT staffing services are provided through another company, Hamilton-Ryker IT Solutions, which was not part of the ESOP transaction.
The terms of the transaction were not disclosed. As part of the ESOP transaction, the management team will remain the same, with Kelly McCreight continuing as President.
Crawford Gallimore, who co-founded Hamilton-Ryker with Wayne McCreight, commented, "We had the opportunity to sell the company, but we weren't comfortable losing our legacy and knowing how this could impact our employees. We wanted to see Hamilton-Ryker remain independent and continue its growth. I'm grateful for the opportunity to give back to our employees, who have been so critical to the Company's success."
Commenting on the ESOP transaction, Kelly McCreight noted, "From start to finish, CSG Partners did a wonderful job quarterbacking our ESOP transaction." George Thacker, a Managing Director with CSG Partners, added, "Unlike other potential exit strategies, the ESOP is a winning proposition for everyone. The ESOP provides an excellent liquidity strategy for the owners, tax benefits for the company, and exceptional benefits for employees."
The Hamilton-Ryker ESOP continues the trend of staffing companies implementing ESOP buyouts. In addition to Hamilton-Ryker, CSG Partners has closed ESOP transactions for Burnett Staffing (Houston), Penmac Staffing (Springfield, MO), and Internal Data Resources (Atlanta).
ABOUT CSG PARTNERS CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. Our clients have spanned the full middle-market spectrum, with values ranging from $10 million to $500 million. Founded in 2001, the firm has built a reputation of having the nation’s preeminent ESOP investment banking practice. The firm has closed over 100 ESOP transactions for companies with an aggregate value exceeding $7 Billion. CSG Partners operates from offices in New York and San Francisco. More information on the firm can be found at www.csgpartners.com.
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